GTT's 2024 Financial Results: Record Growth Amid a Dynamic Market

GTT, the specialist in membrane containment systems for liquefied gases, has reported impressive results for the fiscal year 2024. The company's consolidated revenues surged by 50% to €641 million, fueled by rising LNG carrier demand and substantial order intakes across segments. EBITDA also increased by 65%, reaching €388 million, indicating strong operational efficiency.

The company's order book provides high visibility with €2 billion in backlog. GTT secured 332 units for its core LNG business and 50 for LNG as fuel. Strong performance was seen in digital solutions with an 85% revenue increase and the successful integration of VPS. Despite challenges, the Services division expanded significantly.

Conversely, Elogen, GTT’s green hydrogen subsidiary, faced a difficult year with an EBITDA loss of €33 million due to a challenging market environment. A strategic review suggests revising Elogen’s business model, with potential restructuring and a workforce adjustment plan.

Looking forward to 2025, GTT forecasts revenues between €750 million and €800 million, with an EBITDA range of €490 million to €540 million, continuing its commitment to distribute at least 80% of consolidated net income as dividends.